Near 60? Get a Financial Check-Up

As we age, we gain wisdom. When researchers examined the financial behaviors and attitudes of nearly 5,000 working Americans, the most confident and well-informed were those with the most experience.

But even the savviest and most experienced among us need financial planning check-ins along the way, especially as we edge closer to retirement. It can help to have a trusted financial advisor for guidance on critical issues, including:

RETIREMENT INCOME

Many retirees expect Social Security benefits alone to cover living costs in retirement. The fact is, many people need about 75 percent of pre-retirement income to maintain their lifestyle, and Social Security will probably replace only about 40 percent.1

MEDICAL EXPENSES

Underestimating healthcare costs is a common pitfall. Medicare premiums keep escalating and a serious illness may require high out-of-pocket expenses. A married couple, both age 65 in 2020, may need up to $365,000 in retirement just to cover healthcare costs.2

HOUSING COSTS

A key decision for many seniors is whether to remain in their current home. Over one-third of homeowners age 65 to 74 still owe monthly mortgage payments.3 Add in the cost of upkeep, insurance and taxes, and the home may become too expensive to sustain in retirement. But the emotional ties to stay may be very strong.

So, if you’re accustomed to making financial decisions on your own, how can you stay confident when retirement is on the horizon? Just as a physician provides wellness check-ups to reduce your risk of serious disease, a financial professional can help you adjust to this new chapter. Here are some questions to consider when speaking with an advisor:

How can I live comfortably in retirement?

What is guaranteed income?

How can I optimize my Social Security benefits?

How can I ensure my healthcare costs will be covered?

How is my tax situation changing and how can I create tax advantages?

Should I consider downsizing, or stay where I am?

What risk level is appropriate for my life stage?

Is my legacy plan still relevant?

Financial expertise and unbiased guidance can help you sort out these critical questions, so you can enter retirement with confidence.

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

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The content is developed from sources believed to be providing accurate information.
The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals
for specific information regarding your individual situation. Some of this material was developed and produced by
FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named
representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and
material provided are for general information, and should not be considered a solicitation for the purchase or
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Copyright 2019 FMG Suite.

This material is intended for general public use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation.

Wealth Advisory Group LLC is an Agency of The Guardian Life Insurance Company of America (Guardian), New York, NY.